Investments
Healthcare Investment: The Oaks Medical Center
Our most recent investment, The Oaks Medical Center, closed in December 2022. Located in Bedford, TX, just 6 miles from DFW Airport, the building was acquired in an ‘off market’ transaction. With approximately 60,000 SF and 5.4 acres, it is just two blocks from Texas Health Harris Methodist Hospital H-E-B. The area has seen significant growth from medical related tenants and supports top facilities for Behavioral Health, Oncology, Cardiology and Vascular specialists.
The Oaks is 73% leased to 7 medical related tenants and offers substantial upside. The building contains a vacant, but previously operational, Ambulatory Surgery Center with 5 operating rooms. In-place rents are approximately 25% below market. With a targeted capital improvement program in year one, we expect to achieve substantial rate increases and lease the remaining vacant space within a short period of time, significantly increasing NOI.
We believe a continuing shift in healthcare delivery to outpatient centers for quality care at a lower cost makes this type of high-quality property an attractive investment.
Evergreen acquired the 6-acre development parcel and completed construction in 15 months. The rehabilitation hospital is located directly across from the 272,538 square feet Presbyterian Hospital of Denton. The building, leased by a national healthcare company, was sold to HTA within a year of completion achieving a 40% plus IRR for our investor.
Healthcare Development: Rehabilitation Hospital of North Texas
Mixed Use Development: Times Square at Craig Ranch
Times Square at Craig Ranch is a mixed-use development in the world-class, master-planned Craig Ranch in McKinney, TX. The building, consisting of five stories containing over 800,000 total square feet, includes a 4-story structured parking garage. The architecturally distinctive Times Square at Craig Ranch has a residential component offering 313 upscale apartments, and an additional 80,000 square feet of prime retail space. The building was completed in 2009 and is located at the main corner in Craig Ranch’s Town Center, just across from the TPC Craig Ranch Golf Club and Cooper Aerobics Center.
High-Rise Residential: Lake Cliff Tower Condominiums
Evergreen completed the conversion of the historically significant Lake Cliff Tower into 54 luxury condominium homes in 2007. The 12-story Mediterranean style Lake Cliff Tower is located near downtown Dallas, at the gateway to Oak Cliff. The sale of all condominiums was completed in 2010.
Evergreen negotiated economic incentives with the City of Dallas totaling approximately $4.1 million to assist with this development.